BENGALURU (Reuters) -Life Insurance Corporation of India, the country’s biggest insurer, reported a 9.6% rise in first-quarter profit on Thursday, helped by higher premium income.
The company’s profit after tax rose to 104.61 billion rupees ($1.25 billion) for the quarter ended June 30 from 95.44 billion rupees a year earlier.
The net premium income rose nearly 16% to 1.14 trillion rupees, helped by a 31.4% rise in its single premiums.
For a single premium policy, a policyholder pays the entire premium at the beginning of the term.
Insurers have seen strong net premium income growth on the back of rising awareness about insurance policies and a post-pandemic surge in demand.
Solvency ratio, the measure of an insurer’s ability to meet its long-term debt obligations, rose to 1.99 during the quarter from 1.89 a year earlier.
The company’s shares ended 0.2% higher ahead of the results.
($1 = 83.9350 Indian rupees)
(Reporting by Dimpal Gulwani in Bengaluru; Editing by Sonia Cheema)
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